1. What is Singapore's Individual Income Tax?

Singapore employs a progressive tax rate system for resident individuals, where the tax rate increases as the chargeable income increases. Non-residents are taxed at a flat rate or resident rates, whichever is higher.

2. How Does the Calculator Work?

The calculator uses Singapore's progressive tax formula:

Where:

• \( Income \) — Annual chargeable income in SGD
• \( Reliefs \) — Total tax reliefs applicable
• \( Progressive\_rate \) — Singapore's tiered tax rates

Explanation: The calculator first subtracts reliefs from income to get chargeable income, then applies the progressive tax rates.

3. Importance of Tax Calculation

Details: Accurate tax estimation helps with financial planning, ensures compliance with IRAS regulations, and helps individuals claim appropriate reliefs.

4. Using the Calculator

Tips: Enter your annual income in SGD, total tax reliefs in SGD. The calculator will compute your estimated tax liability based on current rates.

5. Frequently Asked Questions (FAQ)

Q1: What are common tax reliefs in Singapore?
A: Common reliefs include Earned Income Relief, CPF Relief, Parent Relief, Child Relief, and NSman Relief.

Q2: When is the tax filing deadline?
A: For electronic filing, it's typically 18 April each year. Paper filing deadline is usually 15 April.

Q3: Are there tax rebates available?
A: Yes, the government may announce tax rebates in some years as part of budget measures.

Q4: How is tax paid in Singapore?
A: Taxes are paid through GIRO, AXS stations, internet banking, or at IRAS offices.

Q5: What if I have income from overseas?
A: Foreign-sourced income received in Singapore is generally not taxable unless it's through a Singapore partnership.